Press Release No. 03/52

Press Release: IMF Publishes Case Studies To Illustrate Approaches to Foreign Exchange Reserve Management

April 17, 2003

The International Monetary Fund (IMF) has published Guidelines for Foreign Exchange Reserve Management: Accompanying Document, a compendium of case studies designed to illustrate the variety of approaches to foreign exchange reserve management taken by 20 countries in different regions of the world, and at different stages of economic and financial development.

The Accompanying Document complements the IMF's previously published Guidelines for Foreign Exchange Reserve Management, and illustrates approaches to reserve management that are consistent with the Guidelines. The case studies will enable managers to gain better access to information on a wide range of sound reserve management practices. More generally, the document will also help to improve transparency and understanding of this important component of public policies that promote monetary and financial stability.

In line with the process adopted for the Guidelines, the Accompanying Document has been developed in consultation with, reserve management entities in a number of countries. This process involved two formal rounds of consultations with country officials who prepared the case studies, and a conference organized by the IMF in Washington DC in September 2002, with the involvement of the World Bank and the Bank for International Settlements, to discuss the lessons drawn from the case studies.